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Posted To: MND NewsWireCash sales continued to account for a significant portion of all home sales in April. CoreLogic said on Wednesday that 31.6 percent of home sales that month were all cash , down 1.6 percentage points from March and 2.8 points from the previous April. For the first four months of this year cash sales made up fractionally more than a third of home sales, the lowest start for any year since 2008. Cash sales peaked in January 2011 when they accounted for 46.6 percent of all home sales . At that point, 24 percent of home sales were from lender-owned inventories (REO) and a majority of those sales were cash. Cash continues to dominate in the REO market, constituting 56.7 percent of those transactions in April 2016, but the REO share of sales has fallen to only 5.7 percent of the overall total. Resales...(read more)
Posted To: MBS CommentaryIn the bigger picture, today was all about confirming and consolidating yesterday's gains. Trading levels held inside narrow ranges for both MBS and Treasuries, and neither were flustered when stocks swooped back up toward yesterday's highs. MBS did a better job of being "less flustered" today--i.e. Fannie 3.0s gained 3/32nds in price while 10yr Treasuries lost 2/32nds--for a few reasons. First, there's the corporate bond calendar. Issuance was by no means active. In fact, there was only one announcement. But the company in question was Apple--well known for their big corporate bond offerings. Here's a refresher on how corporate bonds impact other rates if you need it. The takeaway is that Treasuries are more affected than MBS. MBS also tend to reap marginal benefits...(read more)
Posted To: Mortgage Rate WatchMortgage rates fell at the quickest pace in more than a month today as lenders priced-in the market improvements seen after yesterday's Fed Announcement. Even though quite a few lenders offered improvements yesterday afternoon, the so-called "reprices" were conservative compared to improvements implied by trading levels in mortgage-backed-securities (the bonds that most directly affect mortgage rates). This lag effect between markets and rate sheets has been a fixture in the post-Brexit mortgage rate environment, and it has frequently resulted in today's rate sheets reflecting yesterday's market movement. The only catch is that today's market movement can't backtrack too far in the other direction. Simply put, lenders were prepared to offer lower rates yesterday, but needed confirmation that...(read more)